GMR Infra gets Rs 1,740 cr from stake sale in Istanbul

GMR Infrastructure has received Rs 1,740 crore towards divestment of 40 per cent stake in Istanbul Sabiha Gokcen International Airport in favour of Malaysia Airport Holdings Berhad. MAHB had first right of refusal and acquired the stake from GMR Infra which decided to exit the project. This is the second major divestment of overseas assets by the GMR Group in over a year. This divestment helps the group in capitalising on equity release of Rs 1,740 crore, in addition to reducing the proportionate debt of Rs 1,412 crore carried in the balance sheet. The consortium of Limak Holding, GMR Group and MAHB was selected as the preferred bidder for upgrading and maintaining the Istanbul Sabiha Gökçen International Airport in July 2007.